“Housing’s stunning downfall in one chart: Prices have plunged in 51 of these 60 cities, and there’s much further to fall,” a new report by Fortune’s Shawn Tully, answers that question. The housing market has certainly taken a downturn. Historically speaking, a housing recession is the first step to a Fed-induced recession, as Fortune has reported. To get inflation under control, the Fed has indicated it will continue rate hikes. The consumer price index rose 8.2% from a year ago in September, below June’s 40-year high of 9.1%, but significantly higher than the Federal Reserve’s 2% target rate. CEOs and CFOs are preparing for a recession in the U.S.
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